MainMarketsPayment Processor Stripe Will End Support for Bitcoin Payments on April 23

Payment Processor Stripe Will End Support for Bitcoin Payments on April 23

25 January, 2018

Stripe, the fast-growing online payments firm established by Limerick brothers Patrick and John Collison has ended support for bitcoin payments. Digital currencies hold the promise of handling transactions quickly, securely and inexpensively, making them a technology that likely will transform mobile payments dramatically in the coming years.

Payment processing company Stripe announced this week that it will no longer accept Bitcoin as a payment method on its platform, citing the currency's volatility, slow transaction times and ever-increasing processing fees.

"For a regular Bitcoin transaction, a fee of tens of USA dollars is common, making Bitcoin transactions about as expensive as bank wires", explained Karlo. Stripe customers who accept bitcoin have seen their revenues from the cryptocurrency decline substantially, removing incentives to accept it.

We have seen a considerable increase in the value of Bitcoin over the past year, this has lead to high transaction charges.

Stripe was one of the first payments companies to throw its weight behind bitcoin, introducing transactions in the virtual currency in early 2015. Microsoft also rattled the markets when it briefly stopped taking bitcoin payments.

Stripe first enabled bitcoin transactions in 2015.

The company - which operates in 25 countries, including Australia - said it would "stop processing Bitcoin transactions on April 23" this year. This then means it has considerable influence on people's perceptions, remember, the success or failure of Bitcoin (and all cryptocurrencies) is highly dependent on the people's perception. Separately, Stripe said Bitcoin users now saw the virtual currency largely as an "asset" to be bought and sold, rather than something a means of exchange.

"There are fewer and fewer use cases for which accepting or paying with bitcoin makes sense", said Tom Karlo, Stripe's product manager.

Indeed, blockchain data shows that as cryptocurrency has become more popular, confirmation times have gotten longer and transaction fees have increased-according to Ars Technica, fees peaked at $34 last month. Karo said Stripe will continue to pay close attention to the ecosystem and to look for opportunities to help their customers by adding support for other cryptocurrencies in the future.

COMMENTS

Recent Posts

Princess Eugenie Announces Engagement To Jack BrooksbankJan 24, 2018
New bulletins were full of the announcement as the country shared their excitement over the second royal wedding of the year. Princess Eugenie and Brooksbank's wedding is scheduled for Autumn this year, but no exact date has been announced yet.

Karni Sena ends agitation against Padmaavat?Jan 24, 2018
Shree Rajput Karni Sena patron Lokendra Singh Kalvi had said they would not allow the screening of the film. A Maharashtra Minister, Jaykumar Rawal, appealed to people not to watch the film, saying Mr.

Trump tax cuts will boost global economyJan 23, 2018
China, which is 2017 growth champion with a growth rate of 6.8 per cent, is expected to slow down to 6.6 per cent in this year and 6.4 per cent next year.

Kurds to attend Syrian peace talks: Russian Federation Jan 23, 2018
But Russia does not appear to be acting to prevent it, and has pulled its own troops out of the Afrin area. The statement falls short of an outright condemnation and shows the complex nature of Syria's civil war .

Kerber overpowers Sharapova at Australian OpenJan 22, 2018
Kerber, seeded 21st, needed a little more than an hour to see off the 2008 champion, breaking Sharapova's serve five times. Strycova will next face compatriot Karolina Pliskova , who she accused of stealing her coach Tomas Krupa past year .

Vegas gunman studied SWAT tactics, music siteJan 21, 2018
Officials have not said and records released so far don't show what motivated the 64-year-old high-stakes gambler to kill. Paddock shot himself in the mouth and died after carrying out the attack and the question of motive also remains open.

USA withholds $65 mn from Palestinian aid programs: State DeptJan 19, 2018
Security Council resolution denouncing President Donald Trump's decision to recognize Jerusalem as the capital of Israel. The U.S. pledge was made just days before Nikki Haley , the U.S. ambassador to the United Nations , vetoed a U.N.